OMNIS Wins Halloween Business Idea Pitch Competition
The 4th Annual Halloween Pitch Competition, hosted by the New Venture Accelerator and the Harbert College of Business, saw 19 Teams compete for $5,000 in seed funding, before a panel of industry professional judges inside the Broadway Event Space and Theater.
When the scores were tallied, OMNIS came out on top and was awarded $2,000 of the prize money pool. OMNIS is a crowdsourced social platform where individuals borrow money through community and peer-to-peer short-term, microloans and where others can borrow money to meet their immediate needs.
Zakariya Veasy, a senior majoring in software engineering, founded OMNIS to address the problem of individuals with limited credit history being marginalized by traditional banks and exploited by predatory Payday Loan companies. “Far too often, the underbanked and unbanked are forced to turn to high-interest payday loans to stay afloat at 400% interest as the average,” said Veasy. “The value proposition for OMNIS users is that it builds credit for demographics who are underserved and overlooked. With OMNIS, users are building up the community’s financial literacy and closing the generational wealth and credit gaps across the country.”
Other teams that received funding included:
Rodopto, founded by Scott Rowe, is utilizing drones to plant crops that can be converted into renewable diesel fuel and received $1,000.
Stretch & Go, founded by Josh Green and Tristin Pettus, is a device that provides the critical method for stretching the hamstring received $500.
BAE, founded by William Murphy and Avery Arasin, is an App that allows students to connect with other students within their own university ecosystem received $500.
AbGlo, founded by Marianne Madsen, Holli Michaels, and Courtney Montague, is a physical fitness device that provides visual feedback to correct lumbar posture received the Special Category Award in the amount of $1,000 provided by the Thomas Walter Center for Technology Management
The Halloween Business Idea Pitch Competition discovers and rewards early-stage products, services, or business concepts that emerge from Auburn University students. Last year’s winner, Room2Room Movers, founded by recent Harbert graduate, Brooks Fuller, is currently enjoying significant market success.
Special recognition and appreciation go to the judges who supported this year’s competition:
- Sherina Hill, Business Coach for Entrepreneurs
- Tim Denison, President, GDI LLC
- Ebony Ruffin, Ruffin Consulting Services
- Larkin Jones, Alabama Small Business Development Center
- Ralph Runge, RSquare Consulting, Inc.
- Jason Wilson, Back Forty Beer
- Ken Evola, PwC Managing Director, PwC
Feedback that competing teams share every year is that while the prize money is important, the insights and offers of alumni support, that will aid them in their longer-term business planning efforts, are by far the most valuable parts of the experience. It proves out once again that Auburn people always comeback and they always give back.
[Congratulations to all teams who participated in the 2022 Halloween Pitch Competition: Atlas Esports – AbGlo – BAE – Balance Buddy – Bridal Jeans – Drop Out Flags – Flavivirus Resource Center – Gym Rat U – HyperTransport – Kaopetronite – LoLo Baking – Menu Match – OMNIS – Plainsman Financial Consulting – Rodopto – Seat Key – Stretch & Go – Tennis Taps – RNA Natural]
NEXT UP: Tiger Cage where startup businesses will compete for $50,000 in startup capital!
Applications to compete in Tiger Cage are due by November 16, with the competition kicking-off on Friday, January 27.
To register for Tiger Cage, click HERE or contact Lou Bifano, Director of the New Venture Accelerator at loubifano@auburn.edu for more information